U.S. crude oil production hit its lowest point in more than two years last week, while stockpiles rose to a record high, showing the oil sector remains in the grip of a historic glut despite the easing of virus lockdowns and federal efforts to spark an economic recovery.

Production dropped 600,000 bbl/d to 10.5 million, the lowest since March 2018, according to the federal Energy Information Administration (EIA). Commercial crude stocks were at a record, rising to more than 539 million barrels.

U.S. oil production hit a record high of more than 13 million bbl/d in March, just before oil prices plunged.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access
Need more than one account? See Group Subscription options